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VOL. 126 | NO. 191 | Friday, September 30, 2011

Daily Digest

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Third St. Warehouse Sells for $415K in Foreclosure

Renasant Bank has bought an industrial property at 1700 S. Third St. at a foreclosure sale for $415,000.

The substitute trustee in charge of the sale was Paul N. Royal, and the deal closed Sept. 22.

The substitute trustee’s sale occurred because borrower B&C LLC defaulted on a 2006 loan through Renasant.

B&C bought the property in August 2006 from International Paper Co. for $835,343, financing it at that time for $900,000.

The property is a 207,944-square-foot, one-story industrial or manufacturing building built in 1960 and including about 10,000 square feet of office space and support area.

It sits on about 9 acres at the southeast corner of South Third Street and East Person Avenue in South Memphis Land Co. Subdivision. The east line of the parcel is a railroad line.

The Shelby County Assessor of Property’s 2011 appraisal is $1.8 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

City Issues Request for Bids for Pyramid Redevelopment

The city of Memphis has issued the first request for construction bids to transform The Pyramid into a Bass Pro Shops superstore.

The request’s wording says it is for “Construction of: Pyramid Redevelopment Project – Package 1 – Demolition (First of four contemplated packages in the preparation of Bass Pro Shops at The Pyramid).”

Plans, specifications and other information is available from O.T. Marshall Architects, 5859 Ridge Bend Road. The phone number is 791-0115.

A pre-bid conference will be held Tuesday, Oct. 4, at 10 a.m. at the west entrance of The Pyramid.

For more information, contact Alan Barner at 791-0115.

Sealed bids will be received at the office of the city’s purchasing agent – City Hall, 125 N. Main St., room 354 – until Oct. 21 at 2 p.m.

– Andy Meek

AutoZone Approves $750M in New Share Buybacks

The board of directors of Memphis-based AutoZone Inc. has authorized the repurchase of an additional $750 million of common stock in connection with AutoZone’s ongoing share repurchase program.

Since the inception of the repurchase program in 1998, and including the newest repurchase approval, AutoZone’s board has authorized $11.2 billion.

“AutoZone’s continued strong financial performance allows us to repurchase our stock while maintaining our investment grade credit ratings,” said Bill Giles, executive vice president, chief financial officer, Information Technology and Store Development.

– Andy Meek

Oral School for Deaf Gets Hyde Family Grant

The Memphis Oral School for the Deaf has received a $75,000 grant from the Hyde Family Foundations for the operating support of MOSD.

The grant will allow MOSD to continue educating children with significant to profound hearing loss.

The donation will be made in three installments of $25,000 over the next three years. MOSD also has been awarded a challenge grant from a private foundation that could provide up to a 100 percent match of the Hyde Family grant.

– Taylor Shoptaw

Landmark Bank Receives Small Business Funding

Landmark Community Bank of Collierville is the latest local community bank to get a chunk of funding through the Small Business Lending Fund.

Landmark is getting $8 million as part of the U.S. Treasury’s $30 billion fund, enacted into law as part of the Small Business Jobs Act of 2010. The fund encourages loans to be made to small businesses by qualified community banks with less than $10 billion in assets.

Other area banks approved for money through the program include Independent Bank, Evolve Bancorp Inc. and Magna Bank.

– Andy Meek

Dress for Success Hosts Little Black Dress Affair

Dress for Success Memphis will host the second annual Little Black Dress Affair Thursday, Oct. 6, at Lexus of Memphis, 2600 Ridgeway Road.

The event is one part of the three-part campaign titled Cause, Cocktails and Couture, meant to raise awareness and funds for Dress for Success Memphis.

The Little Black Dress Affair will showcase donated garments to be sold at Dress for Success’s Upscale Garage Sale Oct. 21 and 22.

The event will be from 6 p.m. to 9 p.m. and include a wine-tasting, food, a silent auction and entertainment.

Dress for Success Memphis hopes to raise more than $50,000 so the organization can continue to provide assistance to disadvantaged women entering the workforce.

Tickets are $50 per person until Monday, Oct. 3, and $60 after. For tickets, visit www.dfsmemphis.eventbrite.com. For information, visit www.dressforsuccess.org/memphis.

– Taylor Shoptaw

Free Senior Day at Zoo to be 'Swingin' Good Time'

The Professional Network on Aging, United Healthcare Community Plan, Emergency Mobile Health Care and the Memphis Zoo, will host “A Swingin’ Good Time,” a free event for seniors 55 and older Wednesday, Oct. 5, from 9 a.m. to 2 p.m.

The event will include free parking, admission to the zoo, including the panda exhibit and Teton Trek, and tram rides around the grounds. Wheelchairs will be provided on a first-come, first-served basis.

The Jim Mahannah Band will perform on the dance floor from 1 p.m. to 2:30 p.m., and seniors will have an opportunity to access resources about healthy living, government services, financial planning and more.

Visit www.pnamidsouth.org.

– Aisling Maki

Memphis-Area Libraries Host Digital Bookmobile

The Digital Bookmobile National Tour will showcase the free eBook and audiobook download services from Memphis-area libraries Monday, Oct. 10, at the Germantown Community Library, 1925 Exeter Road, and Tuesday, Oct. 11, at the Burch Library, 501 Poplar View Parkway, in Collierville.

Readers of all ages will learn how to download digital books from the library through interactive demonstrations and high-definition instructional videos.

A gadget gallery featuring iPhone, Android tablet, BlackBerry, Barnes & Noble’s Nook, Sony Reader and Amazon Kindle will help visitors discover portable devices that are compatible with the library system’s download service.

Library-card holders can check out and download digital titles anytime, anywhere by visiting their library’s “Virtual Branch” website.

For information about the Digital Bookmobile, visit www.digitalbookmobile.com.

– Sarah Baker

Coca-Cola Awards $50K to Gameday Healthy Kids

The Coca-Cola Foundation awarded more than $1.6 million in grants to nonprofit organizations across the U.S. and Canada in the third quarter.

Among the recipients was Gameday Healthy Kids Foundation, based in Collierville.

The organization received $50,000 for its work promoting youth and family wellness in Memphis and Shelby County, and more generally throughout the Mid-South.

The foundation also earmarked $50,000 for support disaster relief efforts related to third-quarter weather-related damage. A $25,000 grant will benefit the American Red Cross to support relief efforts in upstate New York, while another $25,000 will support the Vermont Disaster Relief Fund.

Other donations include $875,000 for education and youth development programs; $150,000 for community programs; $200,000 for active, healthy living initiatives; $220,000 for water stewardship projects; and $150,000 for community recycling efforts.

The grants are part of nearly $10 million The Coca-Cola Foundation has awarded to 65 organizations across the U.S. and Canada this year.

– John Lintner

MORTGAGES 110 170 916
BUILDING PERMITS 133 290 1,948